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Adopt a Succession Plan for your Business!-“Departing from the scene is unavoidable and inevitable”

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Whether your business is a sole proprietorship or a limited liability, the inevitability of the demise of the owner(s) is unavoidable, hence the need for a continuity plan. How many business have this foresight? Is it all about living in the now?

Having people who do not share in your vision or mission struggle over your business in your absence is something you would not want. Laying down a structure governed by a legally binding is a sure way to avoid a struggle over ownership and assets. An advise from a legal brain; Mr Justice Stephen Alan Brobbey(Retired Supreme Court Judge) urged the Ghanaian business to strive to put in place good succession plans to sustain their activities long after they are no more.

KSI Economic Businesses Plan
Justice Stephen Alan Brobbey
Source: GNA

Justice Alan Brobbey in delivering a paper at a memorial lecture in Kumasi in honour of the late Opanin John Kwame Bawuah Bonsafo Edusei (1890-1959) stated; “Departing from the scene is unavoidable and inevitable” And queried “…why should a business collapse just because the originator is no more?”.

In making reference to the longevity and continuous success stories of Honda, Mercedez and Ford he recounted how they survived in a competitive global market for many decades because they put in place well-laid out effective and comprehensive succession plans.
He further advised, “we should rethink the way businesses are run and plan for the future with purpose.”

business succession planning
Source: Well Spring Consulting

In contrast, particularly what is the norm in Ghana and the businesses in Kumasi, the oldest commercial city in Ghana, there is lack of continuity as large numbers of them go extinct each year following the demise of the originators.

He quizzed, “Where are the businesses? Why are they all now extinct?”
He indicated that some of those business ventures had been embroiled in what he described as needless litigation over the right to those property, following the passing on of the originators.

“We are ready to support anyone who wants to go into coconut business”-GEPA

Mr Justice Brobbey drew attention to the cause for the collapse of most Ghanaian business ventures and called for the need for the passage by holders of firms, a clear understanding of what they stood for and the policy direction of their businesses even after they exited the scene. This, he noted, could not be downplayed if local businesses were to survive the test of time devoid of unnecessary tension, sabotage and litigation.

The lecture under the “Advancing Education and Business,” which was in honour of the the 60th Anniversary of the passing on of Opanin Bawuah Bonsafo Edusei, the foremost Asante indigene to be formally educated outside the Oyoko Royals of the Asante Kingdom.

Opinin Bawuah was a dynamic and visionary leader, he became a private businessman, merchant, cocoa buyer/broker and a mine owner and operator in his later years.

In a tribute read in his honour, Opinin Bawuah was emblemed “As one of the wisest men of his era, …was widely and frequently consulted on various matters and areas by traditional authorities for many years.”

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